Mango invests in sustainable start-up Recovo
Fashion group Mango has furthered its sustainability efforts with a new investment in textile waste start-up, Recovo.
The deal comes as part of the Mango StartUp Studio project, through which the retailer will support the circular firm via a convertible equity loan.
As part of the initiative, Recovo will have access to an acceleration programme where entrepreneurs can learn about Mango’s operations and receive mentorship and advice.
Founded in 2021, the re-commerce platform for textile, yarn and production material aims to offer companies a second life to their textile surpluses in a bid to minimise environmental impact.
The company offers a business model which focuses on a circular future through tech and traceability, it said in a release.
As part of the acceleration programme, Recovo will receive training on the purchase and sale of textiles in a major fashion company, as well as the development process and architecture of a marketplace.
The offer will also include training and collaboration, with meetings that aim to help foster networking for the participants.
Mango’s mission with the accelerator is to promote innovation within its own company, while further detecting growth opportunities and business models.
The company specifically selects companies that are in the development stage in order to make seed-capital investments that add value to the fashion industry and the customer experience.